Use SMEs to Tackle Recession, Experts Urges FG

The Chairman, Kwara Coalition of Business and Professional Associations, Chief Hezekiah Adediji; the Programme Officer, Africa, Centre for International Private Enterprise, Mr. Henry Lague, and Country Director, Nigeria, CIPE,  Mrs. Omowumi Gbadamosi, have identified small and medium enterprises as strategic partners in addressing  Nigeria’s current economic recession.

They noted that SMEs have the potential and experience to contribute significantly to national economic growth and development.

They spoke  on Tuesday during KWACOBPA’s first Annual General Meeting in Ilorin, the Kwara State capital.

Adediji also said SMEs as well as the public sector should be seen by the government as strategic partners to address the economic recession.

He called for the empowerment of SMEs to stimulate the economy, adding that stakeholders must be part of formulation of policies by the government for the sector.

Lague  stated that the government and SMEs as well as the larger business associations and community should have regular stakeholders’ consultations to make good policies for economic growth.

He also advised SMEs to work with their business associations and Chambers of Commerce to ensure that the policies being put forward benefitted them.

He said, “Any economic development that is diversified, whether it is within the economic supply chain or not, but especially outside the oil supply chain, is going to help Nigeria get out of the recession.

“SMEs can play a significant role to address Nigeria’s economic recession. Anywhere, a recession is usually caused by one dominant sector going out.”